XPeng (NYSE:XPEV) gained in pre-market trading after the company announced that it expects second-quarter vehicle deliveries to be between 29,000 and 32,000, indicating growth in the range of 25% to 37.9%. The company anticipates higher demand for its vehicles due to lower prices and subsidies. Furthermore, the Chinese EV major has forecasted Q2 revenues between RMB7.5 billion and RMB8.3 billion.
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XPEV’s Q1 Results
XPeng generated total revenues of RMB6.55 billion ($0.91 billion) for the first quarter, an increase of 62.3% year-over-year, beating Street estimates of $857.1 million. The company reported adjusted earnings of RMB1.49 ($0.21) per diluted American Depository Share (ADS), compared with adjusted earnings of RMB2.57 in the same period last year. Analysts expected the company to report a loss of $0.33 per ADS.
The EV major’s vehicle deliveries were 21,821 in Q1, an increase of 19.7% year-over-year, with total deliveries of 9,393 vehicles in April 2024.
Is XPEV Stock a Good Buy?
Analysts remain cautiously optimistic about XPEV stock, with a Moderate Buy consensus rating based on eight Buys, four Holds, and two Sells. Year-to-date, XPEV has plunged by more than 40%, and the average XPEV price target of $12.24 implies an upside potential of 47.8% from current levels. These analyst ratings are likely to change following XPEV’s Q1 results today.
